April 13, 2024
Business Featured Latest News

Indian gold exploration company’s subsidiary discovers gold and lithium in Tanzania

Deccan Gold Tanzania, a wholly-owned subsidiary of Deccan Gold Mines, has uncovered a significant gold block within the Nzega-Tabora Greenstone belt located in Tanzania. This discovery underscores the company’s adeptness in exploration and prospecting, particularly in navigating complex terrains on a global scale. Additionally, the company eagerly anticipates the acquisition of a Prospecting Licence (PL) for lithium and related metals, which aligns with its strategic objective to diversify its portfolio into critical minerals.

Hanuma Prasad Modali, the managing director of Deccan Gold Mines Ltd., emphasized the significance of the gold discovery and its reflection of the company’s technical prowess in exploration endeavors. Furthermore, Deccan Gold Tanzania holds four existing PLs for gold within the Nzega-Tabora Greenstone Belt and an additional PL for gold in the Geita-Sukumaland Greenstone Belt. All five licenses were granted towards the end of 2021, showcasing the company’s commitment to expanding its presence within Tanzania’s mineral-rich regions.

In line with its diversification strategy, Deccan Gold Mines has initiated steps towards securing a lithium prospecting license. Through meticulous desktop studies, the company has identified a promising area spanning 100.49 square kilometers for potential lithium exploration. The application for the prospecting license has been recommended, with the grant order currently pending approval. This proactive approach underscores Deccan Gold Mines’ commitment to capitalizing on emerging opportunities in critical minerals while leveraging its expertise in mineral exploration and development.

Picture Courtesy: Google/images are subject to copyright

Share

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *